According to The National Retail Federation, American consumers spent $655.8 billion on the holidays (excluding automobiles, gasoline and restaurants) in 2016. Consumer spending is expected to increase by up to 4 percent this holiday season.
Determining how much to spend on Christmas can be tricky. Financial planners advise us to spend no more than 1.5 percent of our income on holiday expenses. So, if you made $50K, you’d want to stay under $750 for total holiday spending. If you love the holiday, but do not want to be paying for it in May, here are a few things to consider now: